CBN Lifts FOREX Restrictions On 43 Items,8 Years After

CBN Lifts FOREX Restrictions On 43 Items,8 Years After

….. FOREX now available for rice, cement, poultry products, others

By Frank Odinukaeze

After 8 years of FOREX restrictions on 43 items,the Central Bank of Nigeria (CBN) on Thursday  announced removal of restrictions on all the items hitherto restricted.

The apex bank ,while removing the restrictions affirmed  that it is now  ready to ensure liquidity in foreign exchange market for all importers of the 43 items.

According to a  statement by the Director Corporate Communications, Department, CBN, the apex bank said all importers will now be allowed to purchase forex in the Nigerian Foreign Exchange Market.

The CBN statement reads, “The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.
“The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.
“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.
Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
“The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal.
“Participants and the general public are to be guided by the above.”
The 43 items whose restrictions were lifted  include : Rice, Cement, Margarine,
Palm Kernel/Palm oil products, vegetable oils, Meat and Processed Meat Products,
Vegetables and Processed Vegetable, Products, Poultry – chicken, eggs, Turkey, Private Airplanes/Jets, Indian Incense, Tinned Fish In sauce (Gelsha)/Sardines, Cold Rolled Steel Sheets, Galvanized Steel Sheets, Roofing Sheets, Wheel barrows, Head Pans,
Metal Boxes and Containers.

Other items include Enamelware, Steel Drums
Steel Pipes, Wire Rods (deformed and not deformed), Iron Rods and ReInforcina Bars, Wire Mesh, Steel Nalls, Security and Razor Wire, Wood Particle Boards and Panels, Wood Fiber Boards and Panels, Plywood Boards and Panels, Wooden Doors, Furniture
Toothpicks, Glass and Glassware, Kitchen, Utensils, Tableware, Tiles – vitrified and ceramic, Textiles, Woven Fabrics
Clothes, Plastic and Rubber Products, Cellophane Wrappers, Soap and cosmetics
Tomatoes/Tomato Pastes, Euro bond/Foreign Currency Bond/Share, Purchases, Milk and Maize.